US issued 90 million checks worth $242 billion – Community News
Stimulus Check

US issued 90 million checks worth $242 billion

The US has so far issued 90 million stimulus checks totaling $242 billion as part of President Joe Biden’s historic US $1.9 trillion bailout, according to a report released Wednesday by multiple government agencies.

The first batch of payments was usually sent via direct deposit, and some recipients began receiving their checks over the weekend, the Treasury Department and the Internal Revenue Service announced.

The Treasury said it also sent about 150,000 physical checks worth about $442 million as part of the first wave of payouts.

The department is rolling out the stimulus checks — officially known as Economic Impact Payments — in successive “tranches.” The announcement on Wednesday contained the first such tranche.

Processing of the checks began on March 12, and some Americans have already seen the deposits as pending before today’s official payment day.

The government added that this first batch of payments was mainly sent to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns. Additional batches and payments will be sent in the coming weeks via direct deposit and by post as a check or debit card, according to the Treasury Department and IRS.

Full payments of $1,400 are scheduled to go to individuals with adjusted gross incomes up to $75,000, householders up to $112,500, and married couples filing joint annual incomes of up to $150,000.

Like previous incentive checks, the value of the checks is reduced for people with incomes above these thresholds. To make the $1.9 trillion Covid aid package palatable to conservative Democrats, including Senator Joe Manchin, the Senate lowered income levels at which payments are phased to zero.

But unlike the earlier payments with economic implications, families receive payment for all of their dependents claimed in a tax return, not just for their eligible children under 17. Americans can check the status of their third payment using the Get My Payment tool.

Biden’s milestone bill also extends a weekly unemployment insurance increase from $300 to Sept. 6 and increases the child tax credit by one year. It will also provide nearly $20 billion for the Covid-19 vaccination effort, $25 billion for rent and utilities, and $350 billion in aid from the state, local people and tribes.